AIIB ties up with GEAPP to mobilise USD 1bn for renewables in Asia
Author: 401(K) 2012 on Flickr, CC BY-SA 2.0
The Asian Infrastructure Investment Bank (AIIB) and the Global Energy Alliance for People and Planet (GEAPP) will be partnering to mobilise up to USD 1 billion (EUR 994m) in funding for green energy transition and renewable energy projects in Asia and beyond.
The collaboration was announced on Tuesday during the COP27 climate summit in Egypt. It will seek to identify co-financing opportunities for projects focusing on grid-based renewable power generation, distributed renewables and energy transition.
The partners intend to enhance support in areas such as co-financing operations and private capital mobilisation. Eligible counties will be those that qualify for financing under AIIB’s requirements and also align with GEAPP’s activities and support the clean energy organisation’s charitable goals.
“Together we will deliver transformational projects that accelerate and scale the energy transition for communities in Asia and beyond,” said GEAPP’s CEO Simon Harford. He pointed out that clean energy generation last year grew by 522 TWh but most of the output came from developed countries.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.